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Campus-based Aid: Financial aid funds provided to a college from the government. Each college determines financial aid applicants' eligibility to receive the funding. Programs included in campus-based aid include Federal Work-Study, Pell Grants and Federal Supplemental Education Opportunity Grants (FSEOG) |
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Cancellation: Dismissal of a loan due to circumstances such as death or total and permanent disability. |
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Capitalization: The practice of
adding unpaid accrued interest to the outstanding principal
balance of a loan. When interest is capitalized (a.k.a compounding),
it increases the loan balance, and subsequent interest charges
are applied to the new balance, including both the unpaid principal
and the accrued interest. Capitalizing interest can increase
the monthly payment and the overall cost of the loan. |
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Central Processing System (CPS): The U.S. Department of Education's computer system; matches and calculates the Expected Family Contribution (EFC) and delivers The Student Aid Report (SAR). |
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Citizen/Eligible Non-citizen: To receive federal aid, an applicant must be a U.S. citizen, a U.S. national, or a permanent resident who has an I-151, I-551 or I-94 |
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Commercial Lender: Commercial institutions that loan money, including banks, credit unions, mutual savings banks, savings and loan associations, stock savings banks, or trust companies. |
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Commuting Student: Interest paid on a loan's principal and on any unpaid interest. Compound interest (or capitalization) increases the amount of money the borrower must repay and increases monthly payments. |
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Consolidation Loan : Allows the borrower to combine a number of existing loans into one loan. Borrowers typically consolidate loans to lower monthly payments. |
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Co-signer (Co-applicant): An individual who co-signs on a loan; if the first borrower on a loan defaults, the co-signer (in most cases) is responsible for repayment on that loan. |
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Cost of Attendance (COA): A student's total cost of attending college. This figure includes books, fees, room and board, supplies, transportation, tuition, and other miscellaneous personal expenses. The COA also depends on marital and residency status. |
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Cooperative Education (Co-op): Colleges and universities pay students to work in a professional setting while attending school. |
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Cost of Attendance: The total amount
it should cost the student to attend school, including tuition
and fees, room and board, books and supplies, transportation
and personal and incidental expenses. This figure is determined
by the financial aid administrator based on school-specific
budgets. Factors include the marital and residency status of
the student. Expenses for childcare and disabilities may also
be included at the discretion of the financial aid administrator. |
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Credit Rating: A numerical score based on credit limits, balances, and personal information assigned by credit bureaus and credit reporting agencies to measure individual's creditworthiness. Federal Stafford Loans do not require a credit score but credit checks are required for Federal PLUS Loans and most private loans |
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Credit Report: A report containing
detailed information on a person's credit history, including
identifying information, credit accounts, loans, bankruptcies,
late payments and recent inquiries. It can be obtained by prospective
lenders with the borrower's permission, to determine creditworthiness |
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CSS Profile: College Scholarship Service (CSS) is an application required by some private colleges and universities to determine eligibility for non-federal financial aid. |
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